Interarch Building Products Set to List : The IPO of Interarch Building Products Limited, a company engaged in the design, construction and sale of pre-engineered steel buildings, has been subscribed about 60 times or 6000 percent on its third day i.e. 21 August 2024 at 3 pm. At the same time, its premium in the grey market is also seen increasing to around 40 percent. On August 26, the company’s shares will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The brokerage house is positive about its outlook and has listed 10 major reasons behind it.
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Nearly 60 times subscribed so far
Overall, this IPO has been subscribed nearly 60 times till 2:55 pm on its last day, 21 August 2024. 50 per cent of the IPO of Interarch Building Products Limited is reserved for Qualified Institutional Buyers (QIB) and so far it has been subscribed 89.71 times. 35 per cent of the IPO is reserved for retail investors and it has been subscribed 16.99 times so far. 15 per cent of the IPO is reserved for non-institutional investors (NII) and it has been subscribed 115.34 times. The portion reserved for employees has been subscribed 22.86 times so far.
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Why are brokerage houses positive on IPO?
Brokerage house IIFL is positive about this IPO and sees further growth in the company. The brokerage house has given some reasons behind this.
- Strong market position in India’s growing PEB industry
2. Fully integrated operations with in-house design and management
3. Demonstrated track record of execution supported by on-site project management capabilities
4. Diversified customer base and long-term relationships with key customers
5. Benefit from favourable industry conditions, including proposed expansion and upgradation of manufacturing facilities
6. Expanding geographic footprint to cater to strategic markets in India and overseas
7. Expansion of Customer Base
8. Increase sales to existing customers
9. Continue to invest in techpro infra to enhance in-house design and engineering and manufacturing capabilities
10. Continuously improve operational efficiency
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About IPO
Interarch Building Products has fixed the price band for the IPO at Rs 850 to Rs 900 per share. The size of the IPO is Rs 600.29 crore. It has an issue of 22,22,222 fresh equity shares worth Rs 200 crore, while the existing investors of the company are selling 44,47,630 shares worth Rs 400.29 crore through Offer for Sale (OFS). Investors can bid for 16 shares in one lot. That means at least Rs 14,400 will have to be invested. At the same time, one can invest Rs 1,87,200 for a maximum of 13 lots.
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Interarch Building Products GMP
There is a stir in the grey market regarding the unlisted stock of Interarch Building Products Limited. The unlisted stock of the company is at a premium of Rs 350 in the grey market. This premium is 39 per cent in terms of the upper price band of Rs 900. The funds raised from this IPO will be used to set up the project, upgrade various manufacturing facilities, fund investments in information technology assets, working capital requirements and general corporate purposes. Ambit Private and Axis Capital are the book-running lead managers to the issue, while Link Intime India is the registrar to the offer.
(Disclaimer: The views or advice on the stock are given by the brokerage house. These are not the personal views of Financial Express. There are risks in the market, so take expert advice before investing.)
